Ripple News Today – Ripple-powered Xumm is Set for Mass Adoption But XRP Falls Below the $0.2000 Level – May 25th, 2020

XRP price prediction
  • Xumm, the Ripple-powdered Payment Platform is Set for Reaching Mass Adoption
  • Ripple XRP Falls Below the Support at $0.2000 As we Move Into the New Week 

Ripple News Today – Xumm is one of the most common Ripple-powered platforms out there. Like with many other platforms, it had a lot of bugs at the beginning. According to Wietse Wind, all these bugs have been fixed on Xumm and it is now poised for mass adoption. Xumm, which was created to serve as an ideal alternative to traditional banking, is already making waves. It was created by Ripple’s development arm, Xpring. Xumm offers everything that a traditional bank account offers and more. It is faster and based on the XRP token. With Xumm, you can complete the transactions without contacting the third party.

Ripple News Today – Xumm Allows Real-time Transactions and it is on the Way to Mass Adoption

Xumm allows people to make real-time cross-border transactions. Just a few hours after it was launched, Xumm had over 3,700 downloads. It’s just like your traditional bank app, but it is faster and the bridge currency it uses is the XRP token. Through the Xumm app, you can deposit fiat currencies such as Dollars a and Euros. These currencies can also be exchanged for XRP on the app. Unlike other traditional banking apps, Xumm is based on XRP so all the transactions are managed in XRP. Apart from this, Xumm also has incredibly low transaction fees. The average cost for a transaction on Xumm is 0.0001 XRP. This is less than one penny.

A special function on the Xumm App is called Trust Lines. This feature allows Xumm users to connect to external accounts. Part of the announcement from Wietse Wind was as follows;

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
4
ripple
XRP(XRP)
$0.178
0.281%

“A user on Xumm can establish a trust line to another entity by selecting the decentralized exchange, the issued currency type, and signing a “trust set” transaction, which costs 12 drops [0.000012 XRP] on Xumm. Compared to centralized exchanges that charge an average exchange fee of 7%, according to Xumm, this is a significant cost advantage. According to the developers, the complete set up until the first deposit does not take more than 20 minutes and should grow in the long run as an alternative to online banking, true to the motto “be your bank”.

In other news, the XRP token has finally fallen below the support at $0.2000. At the time of writing, the token was trading at $0.192471. It is down by 3.89% against the USD and up by 1.43% against Bitcoin BTC. The trading volume over a 24 hour period is $1,611,801,701 and the market capitalization is $8,490,461,969.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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